Nigeria’s Reserves Surge to $50.45B Gross, $34.80B Net on Reform Wins –Cardoso

By Linda Ike

Central Bank of Nigeria Governor, Olayemi Cardoso has announced major gains in Nigeria’s foreign reserves by end-2025, signaling robust external fundamentals and sustained policy reforms.

At the February 24, 2026, post-Monetary Policy Committee (MPC) press briefing, he revealed that gross external reserves hit $50.45 billion as of February 16. Over the weekend, Cardoso added that net reserves reached $34.80 billion by December 31, 2025.

Cardoso credited transparency and credibility in FX management for sparking investor trust, boosting inflows, and sharpening reserve strategies to safeguard capital, maintain liquidity, and ensure lasting stability.

According to him, the improvement represents a substantial strengthening in both the level and quality of Nigeria’s external buffers over the past three years.

He disclosed that net reserves increased sharply from $3.99 billion at the end of 2023 to $34.80 billion at the close of 2025, reflecting what he described as a fundamental improvement in reserve quality.

He added that the 2025 net reserve position alone exceeded the total gross reserves recorded at the end of 2023, which stood at $33.22 billion.

Cardoso further stated that net reserves rose from $23.11 billion at end-2024 to $34.80 billion at end-2025, while gross external reserves increased to $45.71 billion from $40.19 billion over the same period, representing an increase of $5.52 billion.

He said the expansion highlighted Nigeria’s enhanced capacity to meet external obligations, support exchange rate stability and reinforce overall macroeconomic resilience.

He described the end-2025 reserve position as strong validation of the Bank’s ongoing policy reforms and external sector adjustments.

He reaffirmed the CBN’s commitment to maintaining adequate reserve buffers, supporting orderly foreign exchange market operations, enhancing confidence in Nigeria’s external position and sustaining macroeconomic stability in line with its statutory mandate.